Apple supplier Lingyi iTech to list in Hong Kong for over $1 billion

Chinese technology firm Lingyi iTech, a key supplier of precision components for Apple, is preparing for a significant initial public offering (IPO) on the Hong Kong stock exchange. The company aims to raise more than $1 billion to fuel its strategic expansion into the rapidly growing fields of robotics and artificial intelligence (AI).

Lingyi iTech plans to offer approximately 812 million shares, with a maximum price of 10.18 Hong Kong dollars per share. This offering is expected to generate gross proceeds of around 8.26 billion Hong Kong dollars, equivalent to $1.054 billion. The company, which has been publicly traded on the Shenzhen stock exchange since 2018, is scheduled to make its debut in Hong Kong on June 26. It has secured support from notable investors, including smartphone manufacturer Honor and lens producer Sunny Optical, another significant Apple supplier.

Facing a maturing smartphone market, Lingyi iTech is strategically pivoting towards emerging segments such as humanoid robots, smart glasses, foldable devices, and AI servers. The company aspires to become a leading hardware provider for "embedded intelligence," a term describing AI integrated into physical systems to control machine actions. This strategic shift is detailed in a report by the local newspaper South China Morning Post.

Lingyi iTech has already made substantial moves in the robotics sector, acquiring an 80% stake in a joint venture with robot manufacturer AgiBot last September. Furthermore, it recently opened a robot factory in Beijing with an initial production capacity of 10,000 units annually, targeting an ambitious goal of 500,000 units by 2030. While robotics currently represents a small fraction of its revenue, the company's overall turnover reached $7.2 billion in 2025, primarily driven by its imaging and display solutions.